I'm ready to buy my first property.

Hi guys
A quick question buying my next property. I have recently inherited a property paid off that's worth £120,000 and is currently being rented out for 500 a month. I'm making 55k pa and renting an apartment which is 400 a month not including bills. I've found a property worth 400k that is ideal for my new job. How much would a deposit cost for this property and how much equity could I take from my inherited property?
Sorry if these questions are basic, guys. New to this whole process.
Thanks
Kelly x

Answers (1)

Kelly,
You need to find out about your inherited property; if there was any debt /bills on the place.
Then decide how to what type of purchase you want to make..whether for personal or investment use as this will affect the type of mortgage you should apply for.
Good luck
Rebec Home